Question 1: Nora barrows $37500 on September 28, 2011, at 7%p.a. simple interest be paid on October 31,2012. she has the option of making payments toward the loan before the due date. Nora pays $6350 on February 17, 2012, $8250 on July 2, 2012, and $7500 on October 1, 2012. Compute the payment required to pay off the debt on the focal date of October 31, 2012.
Question 2: A supplier will give shark unibase company a discount of 2% if an invoice is paid 60 days before its due date. Suppose shark wants to take advantage of this discount but needs to borrow the money. it plans to pay back the loan in 60 days. What is the highest annual simple interest rate at which shark unibase can borrow the money and still save by paying the invoice 60 days before its due date?
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